The Tata-owned online pharmacy startup 1MG's losses rose in fiscal 2023, mainly due to a one-off expense, while its scale grew considerably.
The startup posted revenue from operations of Rs 1,627 crore in the previous fiscal, a nearly threefold jump from Rs 627 crore in FY22, according to filings sourced from business intelligence platform Tofler.
It reported a loss of Rs 1,259.6 crore in comparison with a loss of Rs 526.1 crore in fiscal 2022, mainly due to a Rs 668 crore one-off expense on the remeasurement of a financial liability designated at fair value through profit and loss.
As a result, the company's miscellaneous expenses skyrocketed from Rs 241.4 crore to Rs 906.2 crore in FY23.
Tata Digital Ltd., a subsidiary of Tata Sons Ltd., acquired a majority stake in the digital health platform in 2021 as part of its push to build an e-commerce venture in the country.
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